Adani JV in talks with banks for first credit in dollars since Hindenburg report: Report

By  India Blooms News Service   Apr 05, 2023

Mumbai: Adani Group is in talks with at least half a dozen banks for a loan of about $220 million, its first since the negative by US-based short-seller Hindenburg Research last January, Bloomberg reported.

Data centre provider AdaniConneX, a joint venture with Virginia-based EdgeConneX, will use the borrowed money over a span of five years, which is the tenor under discussion, the news agency reported citing people aware of the matter.

The loan is likely to be finalised in the next few weeks, the report said.

Adani Group hasnt made an official statement on the matter and didnt respond to the queries by Bloomberg News.

Hindenburgs January 24th report triggered a massive decline of over $100 billion in the shares value of the listed companies of the ports-to-power conglomerate, forcing the group to scale down some of its previously ambitious expansion plans.